Coach might be as American as apple pie, but in three years the fashion house hopes that China will be its largest market. Not content with the $300 million it expects to make in China by the end of the year, it aims to post $500 million in annual Chinese sales by 2014.
The company isn’t deterred by signs of economic slowdown, and plans to open more stores in the region to achieve its financial goals. It will open around 30 stores each year for the next three years in rapidly growing urban centers located just outside China’s largest cities. It’s confirmed plans to open boutiques in far west Urumqi and Nanning, and we can expect more store announcements soon.
Coach also plans to establish kiosks outside major department stores and build large regional retail spaces to showcase products not shown in its regular stores, including knitted apparel, coats, and fragrances.
To take advantage of the rising number of online shoppers Coach also plans to launch a Chinese e-commerce site by the end of 2012.
China is already Coach’s fastest growing market, but it makes sense to chase a bigger piece of the pie. The Chinese have a large appetite for luxury and plenty of disposable income, which proves a pretty potent mix.
[Source: The Wall Street Journal]
[Image Source: Slgckgc/Flickr]
